This form is a Tenancy in Common Deed where the grantor is an individual and the grantees are two individuals.
A Gilbert Arizona Tenancy in Common Deed from Individual to Two Individuals is a legal document that transfers ownership of a property from one individual to two individuals while establishing a tenancy in common arrangement. This type of deed grants each individual an undivided interest in the property, where they hold distinct shares that can be equal or unequal. In a Gilbert Arizona Tenancy in Common Deed from Individual to Two Individuals, it is important to mention the names of the parties involved, the legal description of the property, and the percentage of ownership or shares assigned to each individual. The deed must also outline the tenancy in common agreement and any specific terms related to the ownership arrangement. There are various types of Gilbert Arizona Tenancy in Common Deeds from Individual to Two Individuals that cater to different circumstances and requirements: 1. Equal Share Tenancy in Common Deed: This type of agreement assigns an equal percentage of ownership to each individual. For example, if two individuals are co-owners, each would hold a 50% share in the property. 2. Unequal Share Tenancy in Common Deed: In this scenario, the ownership shares assigned to each individual are not equal. The deed must specify each individual's percentage of ownership accurately. For instance, one individual might hold a 70% share, while the other holds a 30% share. 3. Investment Property Tenancy in Common Deed: This type of deed is commonly used when two individuals invest in a property together. It outlines the terms regarding profit-sharing arrangements, expenses, and responsibilities for maintaining the property. 4. Tenancy in Common Deed with Survivorship Rights: This variation of the deed ensures that if one individual passes away, their ownership share automatically transfers to the surviving co-owner(s) without going through probate. Survivorship rights bypass the process of inheritance and prevent the deceased owner's share from becoming part of their estate. 5. Tenancy in Common Deed with Right of Partition: This deed grants each individual the right to request the division or sale of the property. If one co-owner wishes to liquidate their share or if a dispute arises, they can initiate a partition action to force the division or sale of the property. In conclusion, a Gilbert Arizona Tenancy in Common Deed from Individual to Two Individuals is a legal document that establishes co-ownership of a property with defined shares. This deed can vary in terms of equal or unequal ownership shares, survivorship rights, investment property arrangements, and the right of partition.
